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You’re in the market for a car and a car loan, but your credit isn’t great. And that’s okay. You can get a generous car loan, a fair interest rate, and a reliable car through LowestRates.ca — even with bad credit.
We’re proud of the car loan service we offer. Here’s why applying for a car loan online through LowestRates.ca is the better way.
Applying only takes a few minutes.
Got bad credit or no credit at all? Don't sweat it.
Our auto loans range from $5,000 to $40,000.
Your info only goes to the dealer we match you with.
There's no charge to use our car loan service.
Our auto loan rates in Saint John are market-competitive.
If you meet our basic requirements, then yes, definitely. You just need to be:
Yes. Our car loan service is designed specifically for drivers with bad credit or no credit, which means you don’t need an extensive credit history to get a loan.
Most likely. After all, financial setbacks happen to the best of us. We understand that, and so do the Saint John dealerships that we work with. They specialize in bad credit and no credit auto loans, and, unlike the big banks, they’re comfortable working with drivers who have impaired credit.
It depends on how flexible the dealer is. Remember, the Saint John dealer that you’re matched with sets and finalizes all your car loan details. The dealer will likely start off with an initial offer based on your financial profile, but you can still negotiate for the loan amount you initially had in mind.
15% — the highest tax rate in all of Canada. The provincial government raised the rate in 2016.
A car loan term is the length of time (usually expressed in months) required to pay off your loan. And car loan terms help determine how much your monthly payments will be.
Longer car loan terms stretch your principal balance (loan amount) over a greater period of time. As a result, you make more, but smaller, monthly payments.
With a shorter car loan term, your principal balance isn’t spread as thinly: you make fewer, but larger, payments. But the major benefit of a short loan is that you pay less interest and get out of debt sooner.
Here’s an example of how your payments can change depending on the car loan term you choose:
Monthly payments on a $4,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $181 |
| 36 months | $125 |
| 48 months | $98 |
| 60 months | $81 |
| 72 months | $70 |
| 84 months | $62 |
| 96 months | $57 |
Don’t commit to a car loan agreement you’re not comfortable with. You should always try to negotiate with the dealer, especially on the interest rate.
Bigger monthly contributions let you quickly pay down your car loan and minimize your interest charges. So pick a short car loan term and start knocking down that debt.
As far as you can tell, you’ve found a great car. But you should get a second opinion. Ask a qualified, unbiased mechanic to inspect the car before you buy it.
New Brunswick’s new HST credits start going out in October 2016. If you’re expecting a credit, put it towards your vehicle purchase or save it for your car loan payments.
Car BuyingIt's important to look at what’s going on with auto insurance rates, 0% financing offers, and depreciation.
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AutoLike most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.